DUBAI: Refusing to bow down to the US pressure to pump oil faster, Saudi Arabia, the UAE and Russia, all part of the grouping called Opec+, on Monday indicated that the oil producers will continue to follow the production quota as earlier decided by the alliance, Arab News reported. UAE Energy Minister Suhail Al-Mazrouei said … Read more
OPEC on Thursday cut its world oil demand forecast for the last quarter of 2021 due to high energy prices, although the group stuck to its prediction of robust growth to above pre-pandemic rates in 2022. The Organization of the Petroleum Exporting Countries (Opec) said in a monthly report it expects oil demand to average … Read more
Organization of Petroleum Exporting Countries (OPEC) members and its allies have been urged to boost compliance with oil output cuts aimed at supporting prices. According to the details, Energy Minister Prince Abdulaziz Bin Salman, while chairing the 21st Joint Ministerial Monitoring Committee (JMMC) meeting via videoconference urged (OPEC) members and allies to boost compliance with oil … Read more
Production cartel Opec and Russia are expected to meet today to discuss the oil cuts, however experts warned that prices may fall. According to the details, members of both sides, widely expected to stick with their previously agreed plan to scale back production cuts to 7.7 million barrels per day (bpd) at the end of this … Read more
